JUST NOW: President Trump announced, “Effective immediately, there is an ENERGY CEASEFIRE in the War between Russia and Ukraine. Both parties have agreed.” 🇺🇦 🇷🇺
Ukraine’s drone campaign struck at least 24 of Russia’s 34 major refineries, knocking out roughly 26 percent of the country’s refining capacity and driving Russian crude processing to its lowest level since 2005 at 3.91 million barrels per day. Russia responded by imposing a diesel export ban in July, removing one of the world’s largest diesel exporters from the market entirely.
The implications for global oil supply are immediate as Russia can begin restoring refining capacity. This will definitely help reduce oil prices.👏
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